Online music streaming website Saavn has secured undisclosed funding from high profile strategic investor Guy Oseary, as reported by TechCrunch. Oseary, who manages top music acts in the U.S. alongside accounts of U2, Madonna and other biggies, has joined Saavn as a "partner and investor."
Saavn CEO Rishi Malhotra said Oseary would bring in "unique artists collaboration that weren't possible before" to the service. He added that Saavn's aim was to establish links between music and entertainment industries of India and the west.
Talking about the potential impact Saavn's India audience will have on musicians worldwide, Oseary said, "Many artists would love for their music to reach India's over one billion residents."
The high profile industry-executive's company has also made several A-grade tech investments in Airbnb, Spotify, SoundCloud, Shazam and Uber.
New York headquartered Saavn claimed it stacked 20 million tracks and has over 14 million listeners in 196 countries. Its primary business involved Indian music, mostly tuned into from listeners in India. However, today 15 percent of its audience has started listening to English language content.
"From the time I've been in the music business, that process has always been too complicated; now, through Saavn, it is finally possible to have a true local partner in India that gets it, and will work hand-in-hand with artists and their managers," Oseary said.
Dubbed as India's Spotify, Saavn also intends to follow the footstep of the world's popular music streaming service, and offers video service. It launched a podcast service in April and has both premium membership as well as free but ad-supported services.
